EUR/JPY looking to retake 126.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After bottoming out in the 125.80 area, EUR/JPY has gathered some traction and remains on track to regain the 126.00 handle.

    EUR/JPY weaker post-BoJ

    Today’s BoJ meeting has yielded nothing new – as widely expected - although the safe haven JPY seems to have found some extra legs despite the usual rhetoric by the central bank.

    At his speech today, Governor H.Kuroda has reiterated the BoJ will continue with its negative-rates policy in order to lift inflation figures, while he has also left the door open for further easing if needed.

    EUR/JPY relevant levels

    At the moment the cross is retreating 0.36% at 125.92 facing the next support at 124.89 (20-day sma) followed by 124.41 (23.6% Fibo of 132.30-121.98) and then 123.00 (low Mar.9). On the flip side, a break above 127.30 (high Mar.11) would expose 127.50 (55-day sma) and finally 129.59 (100-day sma).
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